February 1, 2006 Deadline for Hedge Fund Manager Registration Quickly Approaching

By February 1, 2006, most hedge fund managers will be required to be registered with the Securities and Exchange Commission (SEC) as a registered investment adviser (RIA) under revised Rule 203(b)(3)-2 of the Investment Advisers Act of 1940 (the Advisers Act). Also by that date, these new RIAs:

• must have in place a written compliance program designed to prevent violations of the Advisers Act and its rules;
• must have designated a chief compliance officer to operate the program; and
• must have the program fully functioning.